Oprah’s OWN is getting a big vote of confidence from advertisers, despite its razorthin programming lineup. Photo: WireImage

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Ratings for Oprah Winfrey’s fledgling cable network have fallen short of the levels promised to advertisers by nearly a third, The Post has learned.

OWN: The Oprah Winfrey Network, which is aimed at women ages 25 to 54 years old, has averaged a 0.1 rating on a total-day basis — well below the 0.3 rating network execs expected, sources said. As a result, OWN has had to offer “make goods,” or additional ad time to compensate marketers for the shortfall.

At the cable industry’s annual confab in Chicago yesterday, Winfrey admitted to “bumps” since launching the network six months ago to much fanfare, saying that if she could do it over again, “I’d probably do it differently.”

The Discovery Communications-backed OWN hasn’t matched the ratings of the network it replaced, Discovery Health. In May, Winfrey and Discovery dismissed the channel’s chief, Christina Norman, after just four months.

Advertisers, however, are sticking with the channel. OWN charges premium ad rates from $20 to $24 on a CPM basis, or the cost per 1,000 viewers, for its target audience. That’s on par with more established women-oriented networks like Bravo and E!

“If you’re looking for women it should be in the mix,” said Lisa Herdman, director of national programming at Los Angeles ad agency RPA. “Whether they’re pricing it right remains to be seen.”

Barclays Capital entertainment analyst Anthony DiClemente noted a promising ratings uptick for the first time in a while last week, when OWN notched a 7 percent gain in the 25-to-54 age group. The improvement came after a 20.6-percent slide in second quarter ratings compared to a year ago.

DiClemente said the availability of Winfrey’s show archive in September should aid ratings. Her new show, “Oprah’s Next Chapter,” doesn’t start until January 2012.

An OWN spokeswoman said while total-day ratings are down, primetime ratings for the target audience were up 33 percent last week and 15 percent so far this month year over year.

“They acknowledged they didn’t have the launch right but they do have a slew of new programs and I think it’s a great brand, they just need more new shows,” said Marc Morse, SVP national broadcast at ad shop RJ Palmer.